Press release
Global Gastrointestinal Endoscopic Devices Market valued at $13.7 billion (2021), is anticipated to witness a CAGR of 5% by 2026 - Growing Hospital Investments in Endoscopy Facilities
Medical devices such as endoscopes, laparoscopes/surgical endoscopes, endotherapy devices, and laparoscopic devices play a major role in the early diagnosis and treatment of life-threatening gastrointestinal diseases, which further opens up new growth opportunities for GI MedTech device manufacturers.
Growth of Gastrointestinal Endoscopic Devices Market Post Covid-19 Pandemic
Covid-19 pandemic had severely impacted all the health services globally and the GI MedTech market was no different. Segments such as gastroenterology were directly affected by the Covid-19 virus. The pandemic had impacted the workflow and safety of endoscopists, ancillary staff, and patients. Shortages of personal protective equipment (PPE), curtailed patient volume, dearth of testing kits, workforce furloughs, and lockdowns forced units to drastically reduce the volume of the procedures, postpone and even cancel GI procedures in medium- to low-risk cases. The dip in the number of GI procedures resulted in the decline in the growth of the gastrointestinal endoscopic devices market.
However, since 2021, the Gastrointestinal Endoscopic Devices is on the recovery path. The global market has been driven by the strong performance of GI MedTech companies in Japan, Europe, and North America, high sales of gastroscopes and colonoscopes, the launch of innovative products, strong performance of the GI MedTech device companies in North America, improving Covid-19 coverage globally and growing number of GI procedures.
"A price erosion in gastrointestinal endoscopic devices is projected due to the consolidation of group purchasing organizations (GPOs) in different markets and demand of discounts by cash-strapped hospitals in high volume purchases especially due to Covid-19 pandemic."-Senior Director, Leading Endoscope Manufacturer, United States
Geographic Analysis: Gastrointestinal Endoscopic Devices Market
United States currently holds the larger share in the gastrointestinal endoscopic devices market. It is poised to continue to hold a larger share in the upcoming years due to the growing number of endoscopic examinations, increasing aging population, favourable reimbursement climate for endoscopy procedures, growth in minimally invasive endoscopic therapy procedures, an increasing concerns over cleaning, disinfection & sterilization, and higher quality expectations.
Growth Strategies Adopted by Leading Market Players to Establish Their Foothold in GI Endoscopic Devices Market
The global gastrointestinal endoscopic devices market is marked by the presence of both established and new players. All players operating in the gastrointestinal endoscopic devices market adopt both organic and inorganic growth strategies such as new product launches, and partnerships to garner a higher market share.
The gastrointestinal endoscopic devices market is anticipated to grow in the upcoming years due to the growing cases of gastrointestinal disorders & requirements for endoscopes, laparoscopes/surgical endoscopes, endotherapy devices, and laparoscopic devices to diagnose and treat GI disorders.
Competitive Landscape Analysis: Gastrointestinal Endoscopic Devices Market
The gastrointestinal endoscopic devices market is marked by the presence of established market players such as Olympus, Boston Scientific, Pentax (Hoya), Fujifilm, Cook Medical, Karl Storz, Ethicon, Medtronic, Stryker, Medi-Globe, Ambu, Arthrex, Richard Wolf, ERBE, Micro-Tech, among others.
Get Detailed Insights on Gastrointestinal Endoscopic Devices Market Report @ https://meditechinsights.com/gastrointestinal-endoscopic-devices-market/
Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have successfully completed 100+ projects in Digital Health, Healthcare IT, Medical Devices & Pharma Services.
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